Jihan Wu: There is no secret crypto mining operation for Bitmain

Jihan Wu: There is no secret crypto mining operation for Bitmain

The CEO of Bitmain, Jihan Wu has denied the rumors that mentioned the mining hardware manufacturer uses their newly developed devices in secrecy before having it all available to the general public by and large.

Jihan made this claim at an interview that he had with Fortune, where he hit back against all the rumors and speculations that stated after they had finished developing an application-specific integrated circuit (ASIC) miner for a hashing algorithm that is new, Bitmain will then mine those devices in secrecy for months after months before having the new product be put up for sale as something that is brand-new to the public.

He openly states, “No, it never happened. We have a small-scale test. We don’t do that. That is not our strategy.”

Also, Wu has said that Bitmain does not have them nor do they have the resources and the incentive to operate a shadow mining operation. He goes on further to state that, “There’s some kind of group of people that controlled the majority of the hash rate of Monero for a long time. I would like to say that to develop such a kind of ASIC is not a kind of secret skill that only Bitmain has. Lots of people can do that. For large companies like Bitmain, and especially myself, I do not even have the time, attention or resources to have such a kind of plan to do this. If we develop hardware, we just release and sell it on the market. Right after we have sample machines working, we start sales to the market. We don’t have such kinds of advantages.”

A small shift has come in the recent years and there is now much talk going on about the firm going public. The Bitmain CEO also has since the past few days and for the coming few weeks made himself much available and more present to the crowd and the media for meetings and interviews. Internally, the firm has valued themselves to be worth USD 12 billion. Although there are some analysts that have estimated that the true figure of the firm is to be placed somewhere much closer to USD 9 billion. These figures that were mentioned were all based on the revenue figures that they had currently generated.